Agenda Announced for the 2021 CDFA Virtual National Summit, November 1-5
Throughout 2021, CDFA has focused on four key concepts: Restore, Preserve, Invest, and Protect. These themes formed the basis of our work this past year and will guide our discussions during the upcoming Summit. Registration is open and the full agenda is now available online. Join us in November to find new ways of helping your community with development finance!
JCP&L Proposes Plan to Connect Offshore Wind to The Power Grid in NJ
Jersey Central Power and Light is developing a plan to connect clean energy generated by NJ's offshore wind farms to the power grid. In a proposal filed with the NJ Board of Public Utilities and PJM Interconnection, JCP&L outlined a program that would connect enough offshore wind energy to power nearly 2.5 million homes. The power from offshore wind farms would be delivered to JCP&L's electric grid from new offshore transmission infrastructure built by Mid-Atlantic Offshore Development. JCP&L would then carry the electricity to existing substations, where it will enter the grid.
X-Caliber Funding and CastleGreen Finance Close Largest Single Asset C-PACE Transaction in California History in Joint $94MM Financing of Iconic Breakers Hotel
X-Caliber Funding, a national, direct commercial real estate lender, and CastleGreen Finance, an affiliate company that provides capital focused on Commercial Property Assessed Clean Energy (C-PACE) financing, are pleased to announce the closing of a $94MM joint transaction as part of a multimillion-dollar renovation to reopen the Long Beach, California landmark Breakers Hotel & Spa. The funding was comprised of a renovation loan and C-PACE financing, earning the distinction of being the largest financing of a single asset under the program in the state of California.
Dayton Building Receives PACE Funding for Energy-efficient Renovations
The Dayton-Montgomery County Port Authority has closed on funding for a Property Assessed Clean Energy project for a building located at 130 West Second Street in Dayton. Brian Lash, building owner and principal of 130 West Second LLC., will be receiving over $2 million for improvements in energy and natural resource consumption,
DSD Has Acquired a 763 kW Community Solar Project in Brooklyn, NY
Distributed Solar Development (DSD) has acquired a 763 kW community solar project at an old industrial warehouse in Brooklyn, New York, which has been renovated into an indoor community soccer facility. Utilizing a combination of local incentives and initiated by Manhattan-based developer YSG Solar, the project will provide residents with access to clean, renewable energy at reduced rates, as well as a new recreational resource for the children and families of the community.
Live Oak Bank Surpasses $1B in Renewable Energy Loans to Support Rural Communities
Live Oak Bank has reached a milestone in providing more than $1.2 billion in renewable energy financing for solar and bioenergy projects in rural communities nationwide. Live Oak is the largest U.S. Department of Agriculture (USDA) lender in the country, according to 2020 data from the USDA, and made its first renewable energy loan in 2016.
World Bank Launches Initiative to Issue $10B in Sustainable Development Bonds for Climate Action
The World Bank is raising awareness for the urgency to integrate climate change considerations in all activities and decisions. As part of a plan to issue USD 10 billion in Sustainable Development Bonds, the World Bank will engage with investors to highlight the World Bank's holistic approach to mainstreaming climate action. The World Bank helps countries integrate climate change into their development strategies and apply climate financing in ways that achieve the most positive impact.
Springfield, VT Offers $25M in New Funding for Clean Up and Redeveloping Brownfields Sites
Governor Phil Scott in Springfield joined state, local and federal officials to detail $25 million in new state funding to clean up brownfield sites. This investment represents a significant milestone, marking the first-time state dollars have been allocated to brownfield sites. A brownfield is a property where the redevelopment may be complicated because contaminants from previous industrial or commercial activities are present. Addressing the contaminants allows the land to be reused and supports redevelopment.
DOE Releases Solar Futures Study Providing the Blueprint for a Zero-Carbon Grid
The U.S. Department of Energy (DOE) released the Solar Futures Study detailing the significant role solar will play in decarbonizing the nation's power grid. The study shows that by 2035, solar energy has the potential to power 40% of the nation's electricity, drive deep decarbonization of the grid, and employ as much as 1.5 million people—without raising electricity prices.
Shipping Industry Proposes Levy to Speed Up Zero Carbon Future
Leading shipping associations have proposed creating a global levy on carbon emissions from ships to help speed up the industry's efforts to go greener. With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions and the sector is under growing pressure to get cleaner.
How a Colorado Coal Plant Could Become a Massive Battery for Renewable Energy
A coal-fired power plant owned by Xcel Energy in Hayden, Colorado accounts for more than half the property tax base and is a reliable source of high-paying jobs in a town with rapidly increasing housing prices. The town could soon test a new idea to meet its climate goals without losing the economic benefits of the plant. Rather than raze the building, the project would transform the power plant into a massive battery to bank electricity generated by renewable energy.